How SMEs Can Turn the COVID-19 Crisis to Their Advantage

The COVID-19 have caused an unprecedented global economic slowdown. So it’s not hard to believe that SMEs, such as your business, are not doing well right now.

But it’s not impossible to overcome it either. It doesn’t have to be the end of your business.

A lot of businesses are using COVID-19 as an opportunity to get more flexible, focused, and ready to deliver. Why not do the same?

Here are five ways to make the most out of the crisis and benefit from it:

5 Ways to Turn the COVID-19 Crisis to Your Advantage

1. Reach out for assistance

In just a few weeks, the COVID-19 crisis shut down cash flow — leaving many businesses high and dry.

That’s why most SMEs, even the most successful ones, operate on fairly narrow margins. Between expenses and paying off loans, they’re sometimes lucky if they can even afford to pay themselves.

Fortunately, the government has stepped up and is offering various forms of relief. Different private organisations are offering support too. Some of them include:

• Loan repayment grants
• Business development grants
• Tax relief programs
• Employee subsidy programs
• Facebook small business grants
• Crowdfunding platforms

Your business may be doing okay for now. But not knowing what lies ahead and how long this crisis will last – it pays off to check and claim any aid available for your business. It’s better safe than sorry!

READ: 5 Government Support Schemes for Singaporean Businesses Affected by COVID-19

2. Drive online sales

People may be stuck at home, but they still want to shop. Now’s the time to capitalise on this demand.

Expand your opportunities by going online and generate profit amid the crisis. This, while keeping your customers and staff safe.

Here are ways to conduct your business online:

• Offer cashless payment: Partner with online payment portals and apps.
• Offer contactless delivery: Partner with local courier services to deliver to your customers’ doorsteps. Then give them confidence by letting them track their order with tracking technology.
• Plan digital events: Engage and retain customers from the comfort of their homes through digital events.

If you’re in the service industry, repackage your service into a digital product.

READ: Turn Your Services into On-Demand Products Amid COVID-19

3. Protect your digital assets

There’s no doubt that your digital assets are playing a vital role in your business right now. And even after the COVID-19 crisis, they’ll continue to grow in importance.

Cybercriminals know this and taking advantage of it very well. Which is evident with the increasing record of cyberattacks in the past few months.

You are suffering enough right now. Safeguard your business with solid website protection tools to prevent hackers from taking down your website.

Website protection includes essential features like:

• Malware scan and removal
• Web-application firewalls
• Prevention against SQL Injection
• Protection against Remote/Local File Includes
• Remote daily backups

Best of all, these tools are highly affordable. For the same price as 3-4 cups of Starbucks, you get total coverage against online threats. That’s something you should invest in!

4. Reach out to business communities

We are only as strong as the rest of our community. Now’s the time to put aside competition. Find ways to build strategic partnerships within your industry and in new areas. You can join industry communities, like

At the same time, remind your clients that you're still here and ready for business. Reach out through your website, email and social media accounts.

Get creative. Launch a new campaign, link up with influencers, or create a promotion. You’ll be surprised by the opportunities that await you.

5. Reevaluate and reposition

It may be hard to see the big picture because you have lots of things in your hands right now. But the economy will recover, as well as your business.

In the meantime, why not shake up your business?

Ask yourself questions like, “what have you learned about your business over the last few years?” “What are other areas for growth?”

It’s maybe time to move away from specific sectors and tweak your strategies. While you’re on it, plan your business preparedness and continuity measures to still thrive against any crisis.

You could invest in new skills training or moving people around internally. Or you may exit certain unprofitable arenas entirely. Whatever it is, now's the time to do it.

Find opportunities during the pandemic

Don’t make hard times, like the COVID-19 crisis, harder for you and your people. Although, you can’t say that “it was great” when you look back later on. But it’s not all bad.

There are still lots of opportunities and help available for your business. See the brighter side and get creative in using them. Such as using the digital platform to survive COVID-19 and build on your online success. While you’re on it, make sure to strengthen your digital resources.